# Mediator Trends Around Capital Account Opening

*Mean values at event time (0 = opening year) for transition economy openers.*


## Rule of Law (WGI)

| Event Time | Mean | SD | N countries |
|---:|---:|---:|---:|
| -5 | -0.694 | 0.486 | 7 |
| -4 | -0.575 | 0.628 | 10 |
| -3 | -0.538 | 0.507 | 9 |
| -2 | -0.593 | 0.605 | 10 |
| -1 | -0.373 | 0.700 | 10 |
| +0 **←open** | -0.330 | 0.684 | 14 |
| +1 | -0.346 | 0.677 | 12 |
| +2 | -0.182 | 0.684 | 16 |
| +3 | -0.272 | 0.687 | 14 |
| +4 | -0.199 | 0.662 | 17 |
| +5 | -0.282 | 0.689 | 14 |
| +6 | -0.106 | 0.670 | 18 |
| +7 | -0.151 | 0.698 | 16 |
| +8 | -0.052 | 0.666 | 17 |
| +9 | -0.083 | 0.676 | 16 |
| +10 | -0.086 | 0.661 | 17 |

*Pre-opening mean: -0.554. Post-opening mean: -0.190. Change: +0.364.*

## Control of Corruption (WGI)

| Event Time | Mean | SD | N countries |
|---:|---:|---:|---:|
| -5 | -0.644 | 0.446 | 7 |
| -4 | -0.637 | 0.601 | 10 |
| -3 | -0.470 | 0.478 | 9 |
| -2 | -0.578 | 0.563 | 10 |
| -1 | -0.247 | 0.641 | 10 |
| +0 **←open** | -0.329 | 0.628 | 14 |
| +1 | -0.306 | 0.695 | 12 |
| +2 | -0.220 | 0.690 | 16 |
| +3 | -0.287 | 0.651 | 14 |
| +4 | -0.244 | 0.639 | 17 |
| +5 | -0.293 | 0.660 | 14 |
| +6 | -0.189 | 0.658 | 18 |
| +7 | -0.212 | 0.674 | 16 |
| +8 | -0.165 | 0.624 | 17 |
| +9 | -0.170 | 0.673 | 16 |
| +10 | -0.191 | 0.643 | 17 |

*Pre-opening mean: -0.515. Post-opening mean: -0.237. Change: +0.278.*

## Regulatory Quality (WGI)

| Event Time | Mean | SD | N countries |
|---:|---:|---:|---:|
| -5 | -0.351 | 0.637 | 7 |
| -4 | -0.268 | 0.737 | 10 |
| -3 | -0.223 | 0.704 | 9 |
| -2 | -0.228 | 0.759 | 10 |
| -1 | -0.011 | 0.871 | 10 |
| +0 **←open** | 0.001 | 0.727 | 14 |
| +1 | 0.020 | 0.773 | 12 |
| +2 | 0.132 | 0.719 | 16 |
| +3 | 0.086 | 0.710 | 14 |
| +4 | 0.096 | 0.701 | 17 |
| +5 | 0.089 | 0.745 | 14 |
| +6 | 0.201 | 0.721 | 18 |
| +7 | 0.150 | 0.734 | 16 |
| +8 | 0.218 | 0.730 | 17 |
| +9 | 0.243 | 0.735 | 16 |
| +10 | 0.264 | 0.696 | 17 |

*Pre-opening mean: -0.216. Post-opening mean: 0.136. Change: +0.353.*

## Government Effectiveness (WGI)

| Event Time | Mean | SD | N countries |
|---:|---:|---:|---:|
| -5 | -0.403 | 0.591 | 7 |
| -4 | -0.427 | 0.557 | 10 |
| -3 | -0.365 | 0.695 | 9 |
| -2 | -0.491 | 0.586 | 10 |
| -1 | -0.215 | 0.771 | 10 |
| +0 **←open** | -0.226 | 0.696 | 14 |
| +1 | -0.263 | 0.730 | 12 |
| +2 | -0.100 | 0.705 | 16 |
| +3 | -0.159 | 0.669 | 14 |
| +4 | -0.084 | 0.641 | 17 |
| +5 | -0.104 | 0.690 | 14 |
| +6 | 0.001 | 0.702 | 18 |
| +7 | 0.030 | 0.644 | 16 |
| +8 | 0.042 | 0.638 | 17 |
| +9 | 0.049 | 0.668 | 16 |
| +10 | 0.030 | 0.653 | 17 |

*Pre-opening mean: -0.380. Post-opening mean: -0.071. Change: +0.309.*

## Trade Openness (% GDP)

| Event Time | Mean | SD | N countries |
|---:|---:|---:|---:|
| -5 | 92.209 | 26.420 | 13 |
| -4 | 86.578 | 26.995 | 15 |
| -3 | 93.977 | 29.091 | 16 |
| -2 | 94.080 | 24.397 | 16 |
| -1 | 92.843 | 21.106 | 16 |
| +0 **←open** | 92.330 | 18.859 | 17 |
| +1 | 91.078 | 24.770 | 18 |
| +2 | 91.453 | 25.516 | 18 |
| +3 | 93.265 | 26.077 | 18 |
| +4 | 98.739 | 30.860 | 18 |
| +5 | 99.449 | 30.236 | 18 |
| +6 | 96.840 | 28.576 | 18 |
| +7 | 96.667 | 31.267 | 18 |
| +8 | 97.465 | 33.279 | 18 |
| +9 | 98.641 | 33.997 | 17 |
| +10 | 101.647 | 36.978 | 17 |

*Pre-opening mean: 91.937. Post-opening mean: 96.143. Change: +4.206.*

## Gross Savings (% GNI)

| Event Time | Mean | SD | N countries |
|---:|---:|---:|---:|
| -5 | 20.654 | 7.737 | 12 |
| -4 | 19.025 | 9.874 | 15 |
| -3 | 19.767 | 10.040 | 15 |
| -2 | 22.316 | 7.567 | 15 |
| -1 | 21.011 | 7.861 | 16 |
| +0 **←open** | 22.349 | 7.092 | 17 |
| +1 | 22.626 | 7.863 | 18 |
| +2 | 21.562 | 7.018 | 18 |
| +3 | 22.647 | 8.295 | 18 |
| +4 | 23.041 | 9.773 | 18 |
| +5 | 22.565 | 9.605 | 18 |
| +6 | 21.593 | 10.223 | 18 |
| +7 | 23.779 | 8.136 | 17 |
| +8 | 23.760 | 9.140 | 17 |
| +9 | 23.290 | 10.069 | 17 |
| +10 | 25.023 | 9.979 | 17 |

*Pre-opening mean: 20.555. Post-opening mean: 22.930. Change: +2.376.*

## Gross Investment (% GDP)

| Event Time | Mean | SD | N countries |
|---:|---:|---:|---:|
| -5 | 25.944 | 8.180 | 13 |
| -4 | 25.576 | 7.289 | 15 |
| -3 | 24.624 | 7.414 | 16 |
| -2 | 24.649 | 6.073 | 16 |
| -1 | 26.098 | 5.393 | 16 |
| +0 **←open** | 28.544 | 4.526 | 17 |
| +1 | 29.009 | 7.805 | 18 |
| +2 | 30.035 | 8.376 | 18 |
| +3 | 29.088 | 5.531 | 18 |
| +4 | 27.014 | 3.855 | 18 |
| +5 | 25.782 | 3.549 | 18 |
| +6 | 26.223 | 5.167 | 18 |
| +7 | 27.286 | 6.859 | 18 |
| +8 | 25.914 | 5.451 | 18 |
| +9 | 24.307 | 4.971 | 17 |
| +10 | 25.696 | 5.380 | 17 |

*Pre-opening mean: 25.378. Post-opening mean: 27.173. Change: +1.794.*

## FDI Liabilities (% GDP)

| Event Time | Mean | SD | N countries |
|---:|---:|---:|---:|
| -5 | 19.415 | 16.665 | 13 |
| -4 | 20.434 | 18.758 | 15 |
| -3 | 23.594 | 20.260 | 15 |
| -2 | 24.814 | 20.560 | 16 |
| -1 | 31.573 | 26.195 | 16 |
| +0 **←open** | 32.588 | 30.711 | 17 |
| +1 | 41.523 | 36.366 | 17 |
| +2 | 44.286 | 39.775 | 17 |
| +3 | 43.031 | 35.439 | 18 |
| +4 | 43.675 | 30.519 | 18 |
| +5 | 42.173 | 25.505 | 18 |
| +6 | 43.231 | 22.422 | 18 |
| +7 | 46.979 | 24.107 | 18 |
| +8 | 46.913 | 23.212 | 18 |
| +9 | 49.527 | 20.423 | 17 |
| +10 | 55.028 | 32.631 | 17 |

*Pre-opening mean: 23.966. Post-opening mean: 44.450. Change: +20.485.*

## Portfolio Equity Assets (% GDP)

| Event Time | Mean | SD | N countries |
|---:|---:|---:|---:|
| -5 | 0.130 | 0.297 | 13 |
| -4 | 0.107 | 0.270 | 15 |
| -3 | 0.087 | 0.163 | 15 |
| -2 | 0.082 | 0.158 | 16 |
| -1 | 0.243 | 0.670 | 16 |
| +0 **←open** | 0.717 | 1.542 | 17 |
| +1 | 0.591 | 1.157 | 17 |
| +2 | 0.635 | 1.161 | 17 |
| +3 | 0.526 | 0.907 | 18 |
| +4 | 0.575 | 1.123 | 18 |
| +5 | 0.470 | 1.005 | 18 |
| +6 | 0.942 | 1.701 | 18 |
| +7 | 1.081 | 1.826 | 18 |
| +8 | 1.099 | 1.486 | 18 |
| +9 | 1.607 | 2.177 | 17 |
| +10 | 2.133 | 2.983 | 17 |

*Pre-opening mean: 0.130. Post-opening mean: 0.943. Change: +0.814.*

## Tertiary Enrollment (%)

| Event Time | Mean | SD | N countries |
|---:|---:|---:|---:|
| -5 | 37.450 | 13.608 | 6 |
| -4 | 35.313 | 15.152 | 7 |
| -3 | 34.319 | 15.237 | 8 |
| -2 | 34.366 | 14.149 | 10 |
| -1 | 34.365 | 15.036 | 11 |
| +0 **←open** | 37.260 | 15.131 | 13 |
| +1 | 39.413 | 15.636 | 13 |
| +2 | 42.522 | 16.803 | 13 |
| +3 | 46.295 | 17.197 | 14 |
| +4 | 47.184 | 18.598 | 16 |
| +5 | 50.302 | 19.170 | 16 |
| +6 | 52.056 | 18.534 | 17 |
| +7 | 54.696 | 18.554 | 17 |
| +8 | 54.881 | 20.054 | 18 |
| +9 | 58.602 | 20.710 | 16 |
| +10 | 59.737 | 19.515 | 15 |

*Pre-opening mean: 35.163. Post-opening mean: 49.359. Change: +14.196.*


*Event time 0 = year of capital account opening. Sample: transition economy openers (CCA + CEE + Baltics).*
*WGI governance indicators available from 1996 only.*